Handing Keys to Bank

[fixer]

Hi,

I am seriously considering handing the keys to my property back to the bank, who i got the mortgage through.

I initially purchased the property off plan with the intention of selling on completion, however this did not go to plan. The 1 bedroom apartment is brand new and unused in the Larnaca area.

My question is, could you inforrm me of any cases where the bank in Cyprus pursued an owner through the UK court, what was the outcome and how long ago was the case.

I must stress this would be a last resort but a change in my circumstances is forcing my hand,

Regards,

fixer

[Nigel Howarth]

Hi fixer,

Louise is a busy lady and rarely gets to visit the forum these days unfortunately. I suggest that you contact her direct via her website at http://www.zambartaslawoffices.com/

I have personally heard of no-one who has been pursued in the UK, but this does not mean that it could not happen.

I wrote an article some time ago that may help you - 'Help - I can't pay the mortgage'

I am certain that if a bank in Cyprus did try to pursue any buyer in the UK who had been deceived into buying a mortgaged property that it would kill the market here stone dead!

I suggest that you get the Land Registry to carry out a Title Search - you will need a Form N.50 - either that or contact the developer/lawyer and ask them confirm whether or not the land on which your property is built is mortgaged.

If it transpires that the land is mortgaged, I personally doubt that an English Court would uphold a court ruling in Cyprus against you.

You may also wish to speak with your UK solicitor and get his/hers opinion on the matter.

Regards,

[fixer]

Hi,

Very grateful for your reply,


fixer